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Vol 6 No 7
02 Dec 1994

TIB - December 1994

Policy statements

  • Certifying NZ taxpayer as a taxable person in order to recover VAT refund from Economic Community
  • Details to be supplied to Inland Revenue when seeking a deduction for payments to spouse
  • GST and debt collection services
  • Assessability of lump sum and pension payments made to employees and past employees
  • Revocation of qualifying company election - payment of qualifying company election tax
  • GST general time of supply rules - receipt of deposits
  • Gift duty - exemption for maintenance or education of relatives
  • GST - zero-rating of goods sold to persons departing NZ
  • Specified superannuation contribution withholding tax (SSCWT) - correction
  • Fidelity fund levies - GST implications clarified

Legislation and determinations

  • Depreciation rates - dispenser fittings
  • Depreciation - new asset classes and rates for medical equipment, medical laboratory equipment and scientific and general laboratory equipment

Questions we've been asked

  • Income Tax Act 1976 
  • Goods and Services Tax Act 1985 
  • Stamp and Cheque Duties Act 1971 

Legal decisions - case notes

  • I.C. Baillie v CIR: Whether purchase of land for subdivision qualifies for conveyance duty exemption
  • TRA 91/69: Whether transfer of land was part of a taxable activity
  • TRA 92/16: Alienation of income from law partnership
  • AA Finance v CIR: Whether sale of Government stock by a finance company is assessable income
  • Norfolk Apartments v CIR:  Whether GST input credits claimable on development of a retirement village